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The Australian sharemarket is set to follow a record-setting Wall Street higher today, with a green end to the week – ASX 200 futures are up +0.4% – seemingly inevitable on U.S. headwinds and rising unemployment rates.
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The U.S. indexes, mostly the S&P 500 and the Nasdaq, rolled through records after Trump said he wouldn’t sack Federal Reserve chairman Jerome Powell early.
The S&P ticked up another +0.5% while the Nasdaq clocked back-to-back highs.
So too the ASX: The local bourse closed trading doors in Sydney yesterday evening at 8,639 points; a lofty level that left Tuesday’s recent set record behind again within 48 hours and set another all-time high for Aussie shares.
With the uptick in unemployment figures also now firmly pointing to the RBA cutting rates when it meets in August, there’s a bullish air Down Under.
There’s little company news expected through Friday, too, suggesting these early projections may hold decently through to an advancing Friday close.
The biggest to watch is Tali Resource’s arrival: The mineral explorer is looking to raise $7,500,000 when it joins the local bourse. Tali will list under ticker code “TR2” at 20cps and is scheduled to ring the bell at midday.
BHP Group (ASX:BHP) is reporting today, too; we’ll get that before trade begins.
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Looking at forex, the Aussie dollar buys 64.9 US cents.
To commodities, which are all in the greenback,
Iron Ore has cracked triple digits again at $101.40 a tonne in Singapore,
Brent Crude is at $69.60,
Gold is at $3,344 per ounce, and,
US natgas futures are at $3.52 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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